Bhagwan Marine Achieves 19% EBITDA Growth in First Half of 2026

Key highlights from the 1H26 results include:

• Revenue growth driven by improved pricing environments and disciplined cost management.
• Commencement of integration plans for the recently acquired Riverside Marine, pending shareholder approval.
• Expansion into the defence and offshore wind sectors, aligning with national priorities and emerging market opportunities.

Bhagwan Marine's management has outlined several strategic priorities for the remainder of the financial year:

1. Generating quality revenue in an improving pricing environment.
2. Maintaining disciplined cost control and procurement optimization.
3. Integrating Riverside Marine post-shareholder approval.
4. Building a presence in the defence and offshore wind sectors.
5. Enhancing systems and operational automation to drive efficiency.

The company's outlook remains positive, with medium to long-term demand drivers supporting continued growth. The offshore decommissioning pipeline presents significant opportunities, with over 1,000 wells and 8,000 kilometers of pipelines requiring decommissioning across Australia's offshore oil and gas sector. Additionally, increased defence spending, including $12 billion in government funding for the Henderson Marine Precinct, positions Bhagwan Marine favorably for future contracts.

Shareholders are anticipating the upcoming vote on 24 March 2026 regarding the Riverside Marine acquisition. If approved, the transaction is expected to complete shortly thereafter, contributing to Bhagwan Marine's full-year results and further strengthening its market position.